Reid to Tax Reform: Drop Dead

He says it must raise revenue by $1 trillion.

July 25, 2013 7:23 p.m. ET

'We need tax reform," said Harry Reid on Thursday, by which he meant we don't need tax reform. The Senate Majority Leader effectively killed a rewrite of the tax code for this Congress by decreeing that it must be conducted "under the total understanding that it can't be revenue-neutral. It can't be even close to revenue-neutral. There has to be significant new revenues." He'd start with about $1 trillion.